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Thursday, 18 July 2013

Detroit becomes largest US city to file for bankruptcy

Detroit becomes largest US city to file for bankruptcy

Detroit becomes largest US city to file for bankruptcy

Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighborhoods hollowed out by a long, slow decline in population and auto manufacturing.

The filing, which had been feared for months, put the city on an uncertain course that could mean laying off municipal employees, selling off assets, raising fees and scaling back basic services such as trash collection and snow plowing, which have already been slashed.

"Only one feasible path offers a way out," Gov. Rick Snyder said in a letter approving the move.

Kevin Orr, a bankruptcy expert hired by the state in March to stop Detroit's fiscal free-fall, made the Chapter 9 filing in federal bankruptcy court.

Michael Sweet, a bankruptcy attorney in Fox-Rothschild's San Francisco office, said the city would pay current employees. But "beyond that, all bets are off."

"They don't have to pay anyone they don't want to," Sweet said. "And no one can sue them."

What I want to say here is this does not surprise me! Oh, and by the way this is not an accident, because the elites are wanting this to spread across to all states in the US.

I have said it many times before, but we are not in a recovery right now. The powers that be want to create massive debt, and they want to bring down all the currencies of the world at one time and at the same time want to decimate cites and businesses as well.

Call me crazy if you like, but this is just a taste of what is too come. The long slow draw out collapse, still does its damage, but hides and leaves people in a false sense of security, and before they know it the rug is ripped right from underneath them. I think this is building up for something big in 2014, but we shall see.